Traders Sell Northrop Grumman Corp. (NOC) on Strength on Insider Selling
Investors sold shares of Northrop Grumman Corp. (NYSE:NOC) on strength during trading hours on Friday after an insider sold shares in the company. $45.99 million flowed into the stock on the tick-up and $73.70 million flowed out of the stock on the tick-down, for a money net flow of $27.71 million out of the stock. Of all stocks tracked, Northrop Grumman Corp. had the 0th highest net out-flow for the day. Northrop Grumman Corp. traded up $1.22 for the day and closed at $215.43Specifically, CFO Kenneth L. Bedingfield sold 125 shares of the firm’s stock in a transaction dated Monday, October 3rd. The shares were sold at an average price of $213.00, for a total value of $26,625.00. Following the transaction, the chief financial officer now directly owns 18,501 shares in the company, valued at approximately $3,940,713. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Wesley G. Bush sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $218.45, for a total transaction of $7,645,750.00. Following the completion of the transaction, the chief executive officer now owns 35,000 shares in the company, valued at $7,645,750. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by insiders.
NOC has been the topic of a number of recent research reports. Vetr downgraded shares of Northrop Grumman Corp. from a “buy” rating to a “hold” rating and set a $224.44 price target on the stock. in a research report on Tuesday, June 28th. Cowen and Company reiterated a “market perform” rating and issued a $227.00 price objective (up from $220.00) on shares of Northrop Grumman Corp. in a research report on Wednesday, June 15th. Jefferies Group lifted their price objective on shares of Northrop Grumman Corp. from $233.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, July 28th. Argus reiterated a “buy” rating on shares of Northrop Grumman Corp. in a research report on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. downgraded shares of Northrop Grumman Corp. from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $225.00 to $231.00 in a research report on Thursday, August 25th. Nine research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $223.97.
The firm has a 50-day moving average of $213.57 and a 200-day moving average of $212.68. The stock has a market cap of $38.47 billion, a price-to-earnings ratio of 19.38 and a beta of 0.72.
Northrop Grumman Corp. (NYSE:NOC) last posted its earnings results on Wednesday, July 27th. The company reported $2.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.53 by $0.32. Northrop Grumman Corp. had a net margin of 8.67% and a return on equity of 32.59%. The business had revenue of $6 billion for the quarter, compared to analyst estimates of $5.99 billion. During the same quarter in the prior year, the firm earned $2.54 EPS. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, analysts predict that Northrop Grumman Corp. will post $11.04 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 14th. Investors of record on Monday, August 29th were given a dividend of $0.90 per share. The ex-dividend date was Thursday, August 25th. This represents a $3.60 annualized dividend and a yield of 1.67%. Northrop Grumman Corp.’s dividend payout ratio (DPR) is 32.37%.
A number of hedge funds and other institutional investors have recently modified their holdings of NOC. Virginia Retirement System bought a new position in shares of Northrop Grumman Corp. during the first quarter valued at about $556,000. Shufro Rose & Co. LLC bought a new position in shares of Northrop Grumman Corp. during the first quarter valued at about $281,000. ING Groep NV increased its position in shares of Northrop Grumman Corp. by 82.9% in the first quarter. ING Groep NV now owns 4,107 shares of the company’s stock valued at $813,000 after buying an additional 1,862 shares during the period. Aviva PLC increased its position in shares of Northrop Grumman Corp. by 3.1% in the first quarter. Aviva PLC now owns 158,364 shares of the company’s stock valued at $31,341,000 after buying an additional 4,708 shares during the period. Finally, Associated Banc Corp increased its position in shares of Northrop Grumman Corp. by 1.8% in the first quarter. Associated Banc Corp now owns 1,123 shares of the company’s stock valued at $222,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 82.52% of the company’s stock.
About Northrop Grumman Corp.
Northrop Grumman Corporation (Northrop Grumman) is a global security company. The Company provides systems, products and solutions in unmanned systems; cyber; command, control, communications and computers (C4), intelligence, surveillance, and reconnaissance (C4ISR); strike aircraft, and logistics and modernization to Government and commercial customers across the world.
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